Have The BITCONNECT PROMOTERS Paid Their VICTIMS Back?

[CryptoEntrepreneur]

I heard BitConnect Promoters got put into a Lawsuit and the SEC charged them. Did they pay any money to the victims or pay any fines etc?

[cellard]

I heard BitConnect Promoters got put into a Lawsuit and the SEC charged them. Did they pay any money to the victims or pay any fines etc?

The question is, did they? I have seen that Carlos guy trolling around with youtube videos and in social media, so apparently he isn't in jail at all.

There's also many youtubers that made a killing promoting this ponzi scheme with affiliate links, with millions of views on their channels, and they still have their channels up and going.

So unless they are waiting for court, nothing happened. The victims will most likely never see their coins again, however they leased the most valuable lesson: trust only Bitcoin.

[CryptoEntrepreneur]

I put in $40,000 into a ponzi platform similar to BitConnect. Do you think I can sue my promoter or get him charged? I live in Australia.

MOST IMPORTANTLY - Is it even worth going after him you think if he was just using their referral program?

[Potato Chips]

The lawsuit is still ongoing. Silver miller handles it and is still on their "Active cases" (https://www.silvermillerlaw.com/active-cases/)

And pretty sure there would be news of the outcome. For now, the latest is [feb 2019]FBI Seeking Potential Victims of BitConnect to Assist Investigation

[Oilacris]

I put in $40,000 into a ponzi platform similar to BitConnect. Do you think I can sue my promoter or get him charged? I live in Australia.

MOST IMPORTANTLY - Is it even worth going after him you think if he was just using their referral program?

You would surely cost up some money even more. The question is that why did you invest into a project similar to Bitconnect?
$40k is big but wont really be that much if you tend to fight out but still you can make some actions through legal means on your place.
This is the hardest part when you are really being victimized online because due to anonymity and irreversible transactions you cant really easily
sue them out incase problem arises.

[boyptc]

I put in $40,000 into a ponzi platform similar to BitConnect. Do you think I can sue my promoter or get him charged? I live in Australia.

MOST IMPORTANTLY - Is it even worth going after him you think if he was just using their referral program?

What's this scam platform you invested? is this before bitconnect or after that? why put such amount with similar to bitconnect.

That referral would probably isn't aware too that it is a scam and only you can answer your own question, do you think it's worth of your time and money including the process?

[magneto]

I heard BitConnect Promoters got put into a Lawsuit and the SEC charged them. Did they pay any money to the victims or pay any fines etc?

From what I've heard in the past, there were a bunch of outspoken youtubers that were put into the class action lawsuit as defendants.

The only one that I've heard updates about though is Trevon James, and apparently he didn't even lodge a response to the lawsuit which led to a default being entered against him.

Whether or not any sum has been reimbursed or not I don't know, but i'd expect that if any funds were to be reimbursed there would be at least some sort of media coverage around it. There has been virtually no updates that is visible for months now regarding the situation. Plus, I don't even think that this is relevant to you given that you said you live in Australia your other thread.

Also, I don't think that the SEC has charged them, though there has been an investigation:

In a parallel storyline, James is a person of interest in an ongoing SEC investigation into BitConnect. For some of the remaining defendants, namely Glenn Arcaro, Ryan Hildreth, Ryan Maasen and YouTube, the case appears headed to mediation.

On August 29th a joint notice was filed advising the court that a mediator had been agreed upon. Pending approval by the court, the class plaintiff representatives and the defendants above are expected to enter into negotiation later.

[coin-investor]

I heard BitConnect Promoters got put into a Lawsuit and the SEC charged them. Did they pay any money to the victims or pay any fines etc?

I am one of its early investors and have been scammed but not that big amount compared to those who invested hundreds of thousands of dollars, mine was only $200 I even participated in their bounty campaign back then because they are paying with Bitcoin, this has become a big lesson for me, if it's too good to be true, you better think twice.

[smyslov]

The lawsuit is still ongoing. Silver miller handles it and is still on their "Active cases" (https://www.silvermillerlaw.com/active-cases/)

And pretty sure there would be news of the outcome. For now, the latest is [feb 2019]FBI Seeking Potential Victims of BitConnect to Assist Investigation

People who are victimized should come out and help the FBI prosecutes and win the case, FBI victory is a victory for a fake and ponzi scheme in the cryptocurrency, now we know that Ponzi Scheme has no place in the community I lost $200 but those who invested thousands of dollars and never gain should help prosecutors.

[GreatArkansas]

Do you think I can sue my promoter or get him charged? I live in Australia.

It's difficult to this, because what if your promoter will say he/she also have promoter? This can be a long process, because what if your promoter also a victim by another promoter?
What I saw in Bitconnect is something like MLM, you have your network and their commission is quite huge, you make a lot of downlines, you can make a lot of money also. I remember when I was a newbie in crypto before when I started on something HYIP, since I am a newbie, I don't have money to invest in, what I do is I invite people, so my commission per invite will be used to invest on the platform.

[timerland]

I've never heard of anyone pay a fine and just walk away with fraud, if they were charged with it.

But no, I don't think that anyone has paid their victims back. There are a bunch of them including Craig Grant, Trevon James etc. among others that have deleted their bitconnect content altogether, probably meaning that they are concerned at least to a degree about this ongoing lawsuit.

But some of them are still active on Youtube, posting new vids or whatnot, with no signs that they've been ordered to pay anything. I remember Trevon even continuing to shill for the scam even after they collapsed.

I think it's still a grey area given that they are only affiliates, and not running the scheme. But the lawsuit should be interesting as it unfolds, perhaps some of their assets will be seized to reimburse investors, but that would be the best case scenario and imo, quite unlikely.

[judeafante]

I heard BitConnect Promoters got put into a Lawsuit and the SEC charged them. Did they pay any money to the victims or pay any fines etc?

Do you have a link for this, that's very interesting to see, because we'll find out if affiliate is also liable and an accessories to the case, because some of these affiliates for all we know are also victim, remember Bitconnect is implementing recruitment rewards, that means all bitconnect investors can recruit new investors.

[dunfida]

I heard BitConnect Promoters got put into a Lawsuit and the SEC charged them. Did they pay any money to the victims or pay any fines etc?

Do you have a link for this, that's very interesting to see, because we'll find out if affiliate is also liable and an accessories to the case, because some of these affiliates for all we know are also victim, remember Bitconnect is implementing recruitment rewards, that means all bitconnect investors can recruit new investors.

On general sense you cant include those affiliates and tracking it out wont really be that simple.Only the main man would really need to face up the law.

Regarding on this question "Did they pay any money to the victims or pay any fines etc?" - The lawsuit is still on progress and theres still no updates or words regarding compensations.

[olliecrypto]

I heard BitConnect Promoters got put into a Lawsuit and the SEC charged them. Did they pay any money to the victims or pay any fines etc?

if a decision was issued stating they had to pay fines, i'm assuming they would or already have filed for bankruptcy, so it wouldn't mean much to people that were scammed, as you can't be forced to pay if you have no resources.

[klaaas]

wonder how it will go if the refund will happen if it is the fiat price at the time or crypto refunds.

if a decision was issued stating they had to pay fines, i'm assuming they would or already have filed for bankruptcy

It wont clear him but the company but i think the same, hes broke on paper.

[robelneo]

I put in $40,000 into a ponzi platform similar to BitConnect. Do you think I can sue my promoter or get him charged? I live in Australia.

MOST IMPORTANTLY - Is it even worth going after him you think if he was just using their referral program?

Validate first his ranking in the affiliate system, some marketers are part of the team, and most referral based program had a hierarchy, where they first announce it to their leaders and they blow it to their network, some leaders are advisors of the project, so better check, you don't wanna sue a guy who just made 5% of the cut to your investment and losses double of the amount you've invested.

[buwaytress]

Considering how big a predecessor called OneCoin got, and how long it's taken for international jurisdictions to take on their organisers, I think we're only seeing the initial beginnings of a long, multi-year, litigation process. As others have pointed out, the guys behind them aren't in hiding yet (unlike the OneCoin bosses) so that's the clearest sign that class action has not yet resulted in proper full blown investigations.

The important thing now is for those affected to get behind the class action and be prepared to dig in.

[Fatunad]

Considering how big a predecessor called OneCoin got, and how long it's taken for international jurisdictions to take on their organisers, I think we're only seeing the initial beginnings of a long, multi-year, litigation process. As others have pointed out, the guys behind them aren't in hiding yet (unlike the OneCoin bosses) so that's the clearest sign that class action has not yet resulted in proper full blown investigations.

The important thing now is for those affected to get behind the class action and be prepared to dig in.

I remember that Onecoin thing which i have seen on facebook and one of those members trying out to convince me to invest which i do already spot out that this coin isnt really a crypto at all.Unlike on Bitconnect which do have blockchain unlike this Onecoin thingy but overall these both things are total fraud. Losing or running out investors money and about investigations it would be just normal
that these things would take years.

[aioc]

I'd like this case to finish with all the victims compensated and members of Bitconnect behind bars, this is a big victory for Cryptocurrency, no one can use the blockchain technology and attach it to cryptocurrency anymore if the  victims win the case, Bitconnectcoin has huge money I'm sure they will hire top-notch lawyers to prolong the case.

[dothebeats]

The operators of the said scam are still free roaming up to this day, and only a few of them have been nabbed by the government and law enforcement. I have few friends who have invested in the said scam who are still not reimbursed up to this day, and I don't think they would ever be reimbursed for the money they have put on in on the now-defunct company/organization/whatever, and I doubt that people who are involved on the said ponzi scheme will ever face serious jail time.

I'd like this case to finish with all the victims compensated and members of Bitconnect behind bars, this is a big victory for Cryptocurrency, no one can use the blockchain technology and attach it to cryptocurrency anymore if the  victims win the case, Bitconnectcoin has huge money I'm sure they will hire top-notch lawyers to prolong the case.

It will take years and years, just like what happened with Mt. Gox, though I don't think people who are behind the said scheme will ever get caught easily (well some of them are roaming around the interwebs and in the real world still.)